Opportunity to Sales Cycle – Part 1

Introduction:

In this blog I will demonstrate the set ups for opportunities.

The sequence for setting up opportunity to sales cycle is as follows:

1. Set up the sales cycles that you usually follow, and the different stages within each opportunity sales cycle.
2. Create sales opportunities that you have from your contacts/Salesperson.
3. Move a sales opportunity through the sales cycle to completion.

Opportunities:

Any inbound lead could be viewed as a potential sales opportunity. You can make opportunities and link them to certain salespeople to keep track of possible sales.

You must first build up sales cycles and sales cycle stages before you start working with opportunity management. When creating opportunities, you should include details such as the contact, salesperson, sales cycle, and dates as well as your estimates of the opportunity’s sales value and success odds.

Set up Opportunity Sales cycle Codes:

• Globally search for “Sales Cycle”, click on relevant link. The sales cycle page opens up with existing sales cycles.

• Code: A unique identifier.
• Description: Type description of sales cycle.
• Probability Calculation:
  • Chances of success (%) – Select this option if you want to use the percentage you have entered in the Chances of Success % field in stages. You may want to choose this option if you have confidence in the accuracy of the estimations of your salespeople.
  • Completed (%) – Select this option if you want to use the percentage of the sales cycle completed that you have entered in the Completed % field.
  • Multiply – Select this option if you want to calculate the probability by multiplying the contents of the Chances of Success (%) field and the Completed % field.
  • Add – Select this option if you want to calculate the probability by adding the contents of the Chances of Success (%) field and the Completed % field.
• Blocked: This specifies that the record is blocked from posting any transaction.
• Comments: It indicates if comments are added to the sales cycle.

Set up Opportunity Sales cycle Stages:

On the Sales Cycles page, select the line for which you want to set up stages, and then choose the Stages action. The Sales Cycle Stages page opens.

Stage: Specify the stage number.

Description: A description for particular stage

Completed %: Specifies the percentage of the sales cycle that has been completed when the opportunity reaches this stage.

Chances of Success %: Specifies the percentage of success that has been achieved when the opportunity reaches this stage.

Activity Code: User can select the activity Code for particular stages. (Activities have to be created separately)

Quote Request: this check box puts a validation on that particular stage to request quote.

Allow Skip:  this check allows user to skip that stage.

Date Formula: Specifies how dates for planned activities are calculated when you run the Opportunity – Details report.

Comment: Specifies if comments exist for the selected stage.

(To add comment on any stage, navigate to Related –> Sales cycle –> Comments)

Set up activities with task:

You can combine multiple task, in an activity. A task represents a step in the activity.

You can assign activities to opportunities, salespeople, or contacts.

• Globally search “Activities” select related link.

• A list page opens up, to create new activity, Choose the New action, and fill in the fields as necessary.

Assign tasks or activities of tasks to opportunities.

The following procedure describes how to assign activity tasks to opportunities. The steps are similar when you assign tasks to salespeople and contacts.

• Globally search Opportunities, and then choose the related link.
• Select an opportunity, and then choose the Tasks action.

• On the Task List page, choose the Create Task action.
• The Create Task page, fill in the fields as necessary.

I will be demonstrating how to create Opportunity and Process sales Opportunities in part 2.

Hope this helps!